Carne secures €100 million growth investment from Vitruvian Partners

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Carne continues its growth to meet the future needs of its clients and end investors.

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13/01/2021 |
  • Carne Group - Pascal Dufour

    Pascal Dufour, Chief Technology and Innovation Officer, Country Head, Luxembourg

Carne Group, the leading digitally driven platform for the asset management industry with offices in Luxembourg, today announces it has secured a €100 million investment from Vitruvian Partners. The investment will be used to expand Carne’s client led technology solutions and will see Vitruvian Partners take a minority stake in the business. The investment is subject to regulatory approval.

Founded in 2004 and established in Luxembourg since 2006, Carne has grown to be the global leader of fund management solutions, including being the largest third-party fund management company in the world. Carne’s 350 employees in eight locations across the world, of which 100 service Luxembourg, manage the governance, compliance, regulatory and substance requirements for more than 550 of the world’s leading asset managers and institutional investors. The Carne team continues to deliver new and innovative solutions creating greater competitive advantage for clients, by making their risk and governance processes faster, better and more cost effective.

Luxembourg Country Head and Chief Technology & Innovation Officer, Pascal Dufour said: “Carne has been at the heart of the funds industry in Luxembourg for well over a decade. Currently we belong to the Top 5 of the fund management companies in Luxembourg we aim at becoming Top 3 within the next 12 months. We now boast some of the most experienced, creative and smartest people that Luxembourg has to offer and we attract already 100 people involved in the Luxembourg business. The investment will allow us to further grow exponentially and Luxembourg will continue to play a central role in our expansion globally”.

Carne’s industry leading technology platform, CORR (Compliance Oversight Risk & Reporting), helps asset managers to fulfil their compliance, risk and operational requirements with greater accuracy, efficiency and effectiveness through automated data acquisition, analysis, and real-time reporting. It allows asset managers and institutional investors to not only meet their compliance and regulatory obligations in multiple jurisdictions but puts them in full control of their business, reputational, operational, and financial risks. CORR, Carne’s command and control technology platform has seen rapid roll-out since launch and is already being used to oversee $2 trillion in assets.

John Donohoe, Founder and Group CEO, Carne, said: “At Carne our goal is to provide asset managers and institutional investors with solutions that lead to better investor outcomes. We are focused on transforming the asset management industry through our proprietary CORR technology, hiring the best talent globally, and building client led, trusted solutions. In Vitruvian, we found a partner with a shared vision and the experience and intellectual capital to help us bring further innovation to the industry. Together we can build and deliver better outcomes resulting in a win-win for both asset managers and investors.”

Stephen Byrne, Partner, Vitruvian Partners, added: “We look for capital investment opportunities that are redefining industries, and this is exactly what attracted us to Carne. Its ability to grow into a global trusted brand within an industry valued at over $110 trillion is testament to its business model and the strength and expertise of the management team. We have partnered with Carne to support the roll-out of their CORR technology platform, through which Carne brings much needed innovation and digitalisation to the asset management sector. Our investment and partnership will enable Carne to further accelerate ongoing developments of leading technology-enabled products and services, as well as global scaling of their platform. We look forward to partnering with John and the team as Carne continues its growth to meet the future needs of its clients and end investors.”

Carne continued its significant investment in people and technology, experienced substantial growth, and in 2020 the company opened larger offices in Cloche d’Or. Carne builds on talent, technology, and trust, and is therefore continuously investing in new talents to grow its teams in its eight locations across the world.

Carne, the fastest growing Management Company in Luxembourgi, was advised by Stephens Europe, Deloitte, and Matheson in the transaction. Vitruvian Partners was advised by KPMG Ireland Corporate Finance, EY, PwC, Oliver Wyman, and Dickson Minto.

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